Hong Kong Imposes Non-Locals Property Tax on Bubble Risks
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Hong Kong’s government announced its first property tax targeted at overseas buyers, stepping up efforts to cool home prices as U.S. monetary easing and record-low interest rates raise the risk of a bubble.
Non-local and corporate buyers will have to pay a 15 percent tax upon purchase, Financial Secretary John Tsang told reporters at a press conference yesterday. The government also raised a resale tax on property by about 5 percentage points and extended the period during which it will apply to three years from two.